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R&SA slices 20% from term rates

Royal & Sun Alliance UK Life is cutting level term insurance rates by up to 20 per cent.

The new rates apply to family, business and keyperson cover under its Lifewise plan. It hopes the rate cuts will consolidate its top-five position in the market and particularly benefit those with highnet-worth sums assured.

A male non-smoker aged 30 next birthday requiring cover of £500,000 for 20 years will now pay a monthly premium of £22.93, down from £28.86. A female smoker of the same age wanting cover of £250,000 would pay £19.69 rather than £22.35.

Personal market leader Mark Edwards says: “UK businesses continue to take risks by not adequately covering key employees who are critical to a business&#39s long-term success. Individuals continue to take risks by generally covering the mortgage and nothing else. IFAs have an excellent opportunity to help people understand the reason why life insurance is a valuable commodity.”

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